Clear off loans
Pay off your loans as early as possible so that you can shift your focus to other important things in your life. Do not take a new loan when you are due for your payments of the prior one. Cut down your expenses and if needed avoid buying luxurious stuff, it helps you save an additional amount, which you can add to the regular installments of your loan payments. When you pay off your loan, you save on interest and improve cash flow since you no longer have to keep a big share of your earnings separate.
Make sure you are able to manage your regular expenses even after paying EMI’S. Compare the interest rates of different lenders before you finalize a deal, EMI’S must not disturb your routine life.
No doubt, you have to compromise with your needs and cut down your regular expenses too. Put in your best efforts to pay off your loan on urgent basis and make sure you do not plan to take a new loan since it complicates the situation even more.
Pay you credit card bills on time and maintain a good record. Track all your expenses to keep a record of your payments. Use debit card for your regular expenses, spend wisely and make efforts to save as much as you can for future investments.
Keep a track of your debts and try to clear your payments on urgent basis. Do not plan to take a new loan when you are due for your payments of the prior one, it only complicates the situation.